1. Define Economics, identify the basic principles that underlie the study of Economics and describe the approach used by Economists to solve economic problems. 2. Explain the economic theory that drives trade among nations and discuss the benefits
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nations derive from trading with each other. 3. Identify the determinants of Supply and Demand and demonstrate the impact of shifts in both market Demand and market Supply curves on Equilibrium Price and Quantity. 4. Define and measure National Income and the Rates of Unemployment and Inflation. 5. Define Economic Growth, identify the sources of Growth and discuss the reasons for differences in the development performance of countries. 6. Identify the phases of the Business Cycle and the problems caused by Cyclical Fluctuations in the market economy. 7. Define Money and describe the creation of Money by the Banking System. 8. Construct the Aggregate Demand and Aggregate Supply (AD-AS) model and use it to illustrate macroeconomic problems and potential Fiscal Policy and Monetary Policy solutions. 9. Examine the basic features of an open macroeconomy, develop a model that demonstrates the relationship between the market for Loanable Funds and the Foreign Exchange market and assess the implications of government policies on the Rate of Exchange and the Balance of Trade. 10. Demonstrate knowledge of macroeconomic concepts taught in the course by analyzing data on selected countries, writing reports on the economic performance of the countries under observation and offering policy proposals designed to improve the macroeconomic performance of the countries.
Weekly Learning Objectives:
Introduction – Chapters 1, 2 and 3: Explain the economic principles that characterize individual decision-making, motivate people to trade with one another, and form the basis of how the entire economy functions. Describe the kinds of questions economists try to answer when they perform scientific enquiry and identify the ideas that define their way of thinking. Distinguish between the concepts Comparative Advantage and Absolute Advantage and illustrate how the Specialization associated with the theory of Comparative Advantage can lead to mutually beneficial gains in Trade.
Chapter 4: The Market Forces of Supply and Demand Distinguish between Quantity Demanded and Demand and explain the factors that determine Demand Distinguish between Quantity Supplied and Supply and explain the factors that determine Supply Explain how Demand and Supply interact to determine Price and Quantity in a market, and
9/23/15, 10:07 PMConcourse | 259181: Principles of Economics: Macroeconomics (Online)
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describe the effects of changes in Demand and Supply.
Chapter 23: Measuring A Nation’s Income Define GDP and calculate it using the Income and Expenditure methods. Distinguish between Nominal and Real GDP. Describe the uses of Real GDP and explain its limitation as a measure of Output and the Standard of Living.
Chapter 24: Measuring the Cost of Living Construct the Consumer Price Index and assess its use as a measure of the Cost of Living. Adjust money values for Inflation and calculate Real Wage rates and Real Interest rates.
Chapter 25: Production and Growth Describe the determinants of Productivity and analyze its effects on the Standard of Living. Examine some policy actions that can accelerate the Growth performance of an economy.
Chapter 25: Saving, Investment and the Financial System Identify the key features of financial institutions and explain their role in coordinating the activities of borrowers and savers. Describe the market for Loanable Funds and examine its use in analyzing government policies that affect the economy’s Saving an Investment.
Chapter 26: Unemployment Explain how Unemployment is measured and identify the difficulties associated with its measurement. Describe the types of Unemployment and the factors that influence them. Define the Natural Rate of Unemployment and examine the factors that influence it. Discuss the factors that influence changes in the Labor Force Participation Rate and assess their implications for economic performance.
Chapter 29: The Monetary System Define Money and explain its functions. Describe the structure of the Federal Reserve and explain how it uses its Monetary Policy
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tools to control Money Supply. Examine the problems associated with controlling Money Supply
Chapter 30: Inflation and the Quantity Theory of Money Identify the causes and costs of Inflation Explain the Quantity Theory of Money and describe how it establishes a relationship between Inflation, Money, Real Output and Prices and how it informs the critical role Money Supply plays in regulating the level of prices.
Chapter 31: Open Economy Macroeconomics: Basic Concepts Describe the measures of Trade and Capital Flows. Explain how Exchange Rate is determined and why it fluctuates.
Chapter 32: A Macroeconomic Theory of the Open Economy Develop a model that explains how an economy’s Balance of Trade and Exchange Rate are determined. Use this model to assess the effect of government policies and other events on the variables in the model.
Chapter 33: Aggregate Demand and Aggregate Supply Discuss the main features of Short-Run fluctuations in economic activity. Develop the AD-AS model and illustrate how shifts in either the AD or AS curve can cause fluctuations in the economy’s overall Output and Price levels.
Chapter 34: The Influence of Monetary and Fiscal Policies on Aggregate Demand Analyze the Short-Run effects of Monetary policy actions on Aggregate Demand, Production and Employment in the Short-Run. Analyze the Short-Run effects of Fiscal policy actions on Aggregate Demand, Production and Employment in the Short-Run.
Chapter 35: The Short-Run Trade-Off between Inflation and Unemployment Explain the historical evolution of the theory on Inflation-Unemployment trade-off. Analyze the Short-Run and Long-Run performance of this Trade-Off and the policy challenges posed by
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